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Sue owns a bond that was issued by Wayne Enterprises. The Wayne Enterprises bond's maturity date is five years from today (par value = $1,000).

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Sue owns a bond that was issued by Wayne Enterprises. The Wayne Enterprises bond's maturity date is five years from today (par value = $1,000). The coupon rate on Wayne's bond is 10% with semi-annual coupon payments. Today, Garth Industries issued a 5-year bond at par. The coupon rate on Garth's bond is 11% with semi-annual coupon payments. Both Wayne Enterprises and Garth Industries operate in the entertainment industry; investors require identical rates of return on both bonds. Sue would like to sell her Wayne Enterprise bond. Calculate a fair price for the Wayne Enterprise Bond

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